EOFY Estate Planning Checklist for 2026

Why EOFY Is the Perfect Time to Review Your Estate Plan

Most Australians think of end of financial year (EOFY) as a time for tax returns, deductions, and scrambling to find receipts. But it is also one of the best triggers for reviewing your estate plan.

Why? Because EOFY activities — checking super balances, reviewing insurance, lodging tax returns — naturally put you in contact with the financial details that underpin your estate plan. You are already looking at the numbers. Take an extra 30 minutes to make sure everything is in order.

This checklist covers the key estate planning actions you should take before 30 June 2026. Some are time-sensitive. All are important.

1. Review Your Superannuation Beneficiary Nominations

Your super is likely one of your largest assets, and it does not automatically form part of your estate. Who receives your super death benefit depends on your beneficiary nomination with the fund.

Check Your Binding Death Benefit Nomination (BDN)

A BDN is a legally binding instruction to the super fund trustee about who should receive your death benefit. Key points:

• Standard BDNs expire after three years. If yours was made more than three years ago, it has lapsed and the trustee has full discretion over distribution. Check the date.
• Non-lapsing BDNs do not expire, but not all funds offer them. If your fund offers a non-lapsing BDN, consider switching to one.
• Non-binding nominations are just a guide — the trustee can override them. If you want certainty, a BDN is essential.

EOFY action: Log in to your super fund and check (a) whether you have a BDN, (b) when it was made, and (c) whether it still reflects your wishes. If it has lapsed or is outdated, renew it before 30 June.

Consider Who Your Dependants Are

Under super law, a “dependant” for death benefit purposes includes:

• Your spouse or de facto partner
• Your children (of any age)
• Anyone financially dependent on you
• Anyone in an interdependency relationship with you

Tax treatment differs depending on whether the recipient is a dependant or non-dependant. Super paid to a non-dependant (e.g., an adult child who is not financially dependent) may be taxed at up to 30% plus Medicare levy on the taxable component. This can significantly reduce the amount your beneficiary actually receives.

EOFY action: Review whether your nominated beneficiary is a dependant for tax purposes. If not, consider whether a different structure (e.g., nominating your estate and using a testamentary trust) would produce a better outcome.

2. Maximise Super Contributions

While this is primarily a tax planning strategy, it has estate planning implications. The more super you have, the more important your BDN becomes.

Concessional Contributions

The concessional (before-tax) contributions cap for 2025–26 is $30,000. This includes employer contributions, salary sacrifice, and personal deductible contributions. If you have not reached the cap, you may be able to make a personal deductible contribution before 30 June.

Non-Concessional Contributions

The non-concessional (after-tax) contributions cap is $120,000 per year (or $360,000 over three years using the bring-forward rule, subject to your total super balance). Non-concessional contributions grow tax-free inside super and are received tax-free by your beneficiaries.

Carry-Forward Contributions

If your total super balance is below $500,000, you may be able to “carry forward” unused concessional contributions from the previous five years. This can allow a larger concessional contribution in the current year.

EOFY action: Check your contribution caps and consider making additional contributions before 30 June. Every dollar in super is a dollar that benefits from a favourable tax environment — both during your life and for your beneficiaries after your death.

3. Review Your Insurance

EOFY is an excellent time to review all insurance policies — both inside and outside super.

Life Insurance

• Is the sum insured still adequate? Life circumstances change — a new mortgage, a new child, or a change in income should trigger a reassessment.
• Who is the nominated beneficiary? Make sure it aligns with your Will and your wishes.
• Is the premium still competitive? Shop around — you may find better rates.

Income Protection

• Does your policy cover your current income? If you have received a pay rise, your coverage may be inadequate.
• What is the waiting period and benefit period? Understand what you are covered for.

Total and Permanent Disability (TPD)

• Is your TPD cover adequate? This is often bundled with life insurance inside super.
• Check whether your cover is “any occupation” or “own occupation” — the difference matters.

Insurance Inside Super

Many Australians have default insurance inside their super fund without knowing the details. Log in and check:

• What type of cover you have (life, TPD, income protection)
• The sum insured
• The premium (this is deducted from your super balance)
• The beneficiary nomination

EOFY action: Review all insurance policies. Update beneficiary nominations. Consider whether the coverage is adequate for your current circumstances.

4. Check for Capital Gains Tax (CGT) Events

If you have sold (or plan to sell) property, shares, or other CGT assets during the financial year, this has estate planning implications.

Capital Gains and Your Estate

• A significant capital gain may change the value of your estate, which in turn affects your Will distributions
• If you are planning a major asset sale, update your Will to reflect the changed asset position
• Consider the CGT implications for your beneficiaries — assets you leave in your Will may have a different cost base for CGT purposes

CGT Planning Strategies

• Harvest capital losses before 30 June to offset gains
• Consider the timing of asset sales — a sale on 29 June has very different tax implications from a sale on 1 July
• Review the CGT discount — assets held for more than 12 months may qualify for the 50% CGT discount

EOFY action: If you have made (or plan to make) significant asset disposals, review your Will to ensure it reflects your updated asset position.

5. Review Your Will

When was the last time you read your Will? If it has been more than 12 months — or if any of the following have occurred since you last updated it — now is the time.

Triggers for Updating Your Will

• Marriage, divorce, or separation
• Birth or adoption of a child
• Death of a beneficiary or executor
• Significant change in asset values
• Purchase or sale of property
• Change in relationships (new partner, estrangement)
• Change in health (yours or a beneficiary’s)
• Relocation to a different state

For a comprehensive guide on when to update your Will, see our article on when you should update your Will.

EOFY action: Read your Will. Check that the named executors, guardians, and beneficiaries are still appropriate. Confirm that the asset distribution reflects your current wishes. If anything has changed, update your Will before the new financial year begins.

You can update your Will at any time with ezyWill — unlimited updates are included with your subscription.

6. Review Powers of Attorney

Your Powers of Attorney are just as important as your Will, and they should be reviewed at the same time.

Key Questions

• Are your appointed attorneys still the right people?
• Are they still alive, well, and contactable?
• Have your wishes for medical treatment changed?
• Does your enduring POA reflect your current financial and property situation?

EOFY action: Confirm your POAs are current and stored securely. If they need updating, do it now. For more on POAs, see our guide to Powers of Attorney.

7. Consolidate Super Accounts

Many Australians have multiple super accounts — often from different employers over the years. Multiple accounts mean:

• Multiple sets of fees (eating into your balance)
• Multiple insurance premiums (which may be unnecessary)
• Multiple BDNs to manage (which increases the risk of one being missed)
• A more complex estate for your executor to administer

EOFY action: Check how many super accounts you have using your myGov account. Consider consolidating into one fund. Before consolidating, check that you will not lose valuable insurance cover or other benefits.

8. Review Charitable Giving

If charitable giving is part of your estate plan (or you would like it to be), EOFY is the time to act.

Tax-Deductible Donations

Donations to registered deductible gift recipients (DGRs) are tax-deductible in the year they are made. If you are going to donate, doing it before 30 June maximises the tax benefit for the current financial year.

Charitable Bequests in Your Will

If you want to leave a gift to charity in your Will, make sure:

• The charity is correctly identified (full legal name and ABN)
• The gift is clearly described (a specific amount, a percentage of the estate, or a specific asset)
• The charity still exists and is still registered

EOFY action: Review any charitable bequests in your Will. Make any planned donations before 30 June for the current-year tax deduction.

9. Document Everything in Your Digital Vault

EOFY is an excellent time to update your digital vault with:

• Current super fund statements
• Updated insurance policies and beneficiary nominations
• Current property valuations or rates notices
• Tax returns and assessments
• Any new financial documents from the past year

ezyWill’s digital vault provides encrypted storage for all of these documents, ensuring your executor can find everything they need.

EOFY action: Upload current-year documents to your vault. Remove outdated documents. Ensure your executor knows the vault exists and how to access it.

10. Schedule Your Next Review

Estate planning is not a set-and-forget exercise. Before you close the books on EOFY 2026, schedule a calendar reminder to review your estate plan again at EOFY 2027. An annual review takes 30 minutes and can prevent major problems.

Your EOFY Estate Planning Summary

Total time: About 2.5 hours — a small investment to protect your family and your finances.

Create or update your Will with ezyWill — and make this EOFY the one where you get your estate plan sorted.

This article is for general informational purposes only and does not constitute financial or legal advice. Superannuation contribution caps, tax rules, and insurance regulations are subject to change. For personalised financial advice, consult a licensed financial adviser. For legal advice, consult a qualified solicitor. ezyWill provides legally structured Will templates tailored to Australian state and territory requirements.